AbbVie Reports Q1 2023 Earnings: Humira and Imbruvica Sales Decline by 25% Amid Biosimilar Competition and Intensifying BTK Inhibitor Market

On April 27, AbbVie announced its first-quarter results, with total revenue of $12.225 billion, a year-on-year decrease of 9.7%.

Among them, Humira (adalimumab) revenue was only $3.541 billion, a year-on-year decrease of 25.2%. The main reason is the impact of the expiration of the adalimumab patent, after which Amgen's biosimilar Amjevita, the first U.S. generic version of Humira, was launched in the U.S. at the end of January 2023.

Ibrutinib also fell by 25.2%, with revenue of $878 million in the first quarter. The exceptionally fierce competition in the BTK field is gradually eroding Ibrutinib's market share.

However, two other products in the autoimmune field, the IL-23 monoclonal antibody Skyrizi (risankizumab) and the oral JAK1 inhibitor Rinvoq (upadacitinib), showed strong growth, increasing by 44.7% and 47.5% year-over-year to reach $1.36 billion and $686 million, respectively.

Products in the neuroscience field performed well. The revenue of Vraylar (cariprazine), a multifunctional atypical antipsychotic, reached $561 million, representing a year-over-year increase of 31.3%. Combined sales of the two oral migraine medications Ubrelvy and Qulipta amounted to $218 million.

AbbVie Chairman and Chief Executive Officer Richard A. Gonzalez stated, "We are off to a strong start this year with first-quarter revenues and earnings per share exceeding our expectations, driven by solid commercial execution across our diversified portfolio." "These balanced results give us confidence to raise our full-year guidance, as we see numerous opportunities in key assets to drive long-term performance growth."

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